The $150 million India-UAE VC Fund has been launched at the India Pavilion at Expo 2020 Dubai, according to Dr Ajai Chowdhry, HCL Founder and Chairman-Start-up Committee, FICCI (Federation of Indian Chambers of Commerce and Industry).
The VC Fund is a first of its kind to be set up in the UAE with a purpose to source, invest, and nurture promising start-ups through an accelerator to fuel the growth of India-UAE start-ups. It will be funded by investors across UAE, India and wider GCC countries.
The Fund will also act as a catalyst for providing a process for developing early-stage start-ups in India and the UAE into viable global ventures and making them attain the unicorn level.
It will target to invest in a minimum of 50 demonstrated and validated start-ups based in India and the UAE over a period of 5 years, turning 10 unicorns by 2025.
An MoU was signed to launch this Fund in presence of Dr Saurabh Srivastava Chairman, Indian Angel Network & Co-Founder, NASSCOM, Founder of TiE, K. Kalimuthu, Consul (Eco & Com), Consulate General of India, Dubai, Ms Padmaja Ruparel, Co-Founder- Indian Angel Network & President of IAN Fund, S Venkatesh, Managing Partner, MCA Management Consultants, R Lakshmanan, Senior Partner MCA Management Consultants & Nirankar Saxena, Deputy Secretary-General, FICCI.
Addressing the event virtually, Dr Chowdhry said: “The Fund will bring investment opportunities to startups in India and the UAE. The Indian Angel Network Fund (IAN) will offer benefits to the investors from the UAE including the experience and knowledge that India offers. We are delighted to witness this collaboration and hope to see great results in the near future.”
S Venkatesh, Managing Partner, MCA Management Consultants, added: “Under the guidance and initiatives of the Government of India, the start-up ecosystem is exploding and targeting to be ranked first globally in successful start-ups. UAE aims to become home to 20 unicorns by 2031. MCA is excited to participate as a Founding Member to the VC Fund and keen to support the growth and development of start-ups in the UAE.”